Speakers:
Larry Richard, J.D., Ph. D, Vice President and Head of the Leadership and Organization Development Practice Group, Hildebrandt
Michael D. Short, Vice President, Law Firm Strategy and Structure Practice Group, Hildebrandt
Laura Saklad, Chief Lawyer Development Officer, Orrick, Herrington & Sutcliffe LLP
Peter Sloan, Recruiting and Professional Development Partner, Husch Blackwell Sanders LLP
In a world of change, one thing has remained the same at most law firms for a quarter century or more --associate advancement and compensation. Law firms hire associates in the Fall, regularly promote them, and increase their pay and yearly billing rate in lockstep with their peers until they put in enough years to be considered for partnership. Will this model ever change? The answer is unquestionably, yes. At some firms, change is already underway. And more are sure to follow.
In this new era, law firms are far more mindful of expenses and clients are demanding greater value for the money they pay. Associate salaries and billing rates that are not tied to associate skill levels are coming under increased scrutiny and pressures. So what now?
While firms have always dabbled with some form of performance pay, there is heightened interest today in more comprehensive performance-based systems, a broad label that can refer to a number of things—tweaking compensation models to include merit pay; developing a formal competency models; basing advancement on achievement; re-defining roles, and many permutations of these elements.
Firms interested in moving to a performance-based model need to know their options, and need to understand the pro’s and con’s of each. Done correctly, a performance-based system can be highly motivating, efficient, and rational. Done poorly, it can undermine associate morale, raise unnecessary anxiety, and waste money.
Join us as Dr. Larry Richard and Michael D. Short of Hildebrandt share their expertise, along with the insights of two law firms that have successfully implemented new associate compensation systems within their firms--Laura Saklad, Chief Lawyer Development Officer at Orrick, and Peter Sloan, a partner at Husch Blackwell Sanders.
Specific Topics to be Covered Include:
- The benefits and pitfalls of moving to a performance-based system
- How long it takes to make the transition
- The critical steps in designing and implementing these systems
- The most common variations
- How the transition affects other HR systems, including the 3 that you must get right
Who Should Attend:
- Managing Partners
- Executive Committee or Management Committee Members
- Executive Directors
- Practice Leaders
- Compensation Committee Members
- Talent & Professional Development Professionals
